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Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Prosper's pay off


Repayment of loan

For HELOCs, the draw period is ten years. During this period, the borrowers should make monthly payments either of $100 and above or of the total sum of the accrued charges and other charges for the monthly billing cycle. The monthly minimum payments may not reduce the principal balance outstanding on the Prosper loans during the draw period. If you pay more than the interest to the lender, you may be able to borrow additional sums of money.

During the repayment of HELOCs, the borrowers should pay at least the minimum monthly payment, which is necessary to repay the outstanding balance. Minimum monthly payments are based on the annual percentage rate. If the rate increases, the monthly payment will increase too. At the end of the repayment term, the Prosper borrowers should pay back to the company the remaining loan amount in full.

For personal loans, the Prosper borrowers can opt to pay back in several ways:

  • AutoPay. You can schedule your monthly payment through an automatic service. It will deduct the payments from your bank account on the due date.

  • Pay online. Prosper borrowers can schedule payments through ACH from their personal account. The payment can be made each month manually.

  • Pay over the phone. You can call Prosper Customer Service, and they will conduct your payments through your bank account.

  • Pay by check. Prosper customers can mail a check, money order, or cashier's check. It takes time for payment to arrive, but it is most secure for third-party payments.

Prosper doesn't allow to pay by the:

  • Debit cards

  • Credit cards

  • Wire transfers

  • Mobile payments

  • Bitcoin

  • Digital wallets

  • Cash.

Fees and penalties

There are no pre-payment penalties. However, Prosper may charge you an origination fee and a late fee. The origination fees vary from 2.42% to 5%. The late fee is issued to borrowers who are late for their monthly payments for more than 15 days. The fee is either 5% of the monthly payment, or $15 if it is a greater sum.

Early payoff

You can pay your Prosper loan early. There are no early payments fees.

However, if you took HELOC, there are two payment periods in the agreement: the draw and the repayment. The draw period is set by the lenders and typically is up to 10 years. During this period, you are only required to pay interest.


Does Prosper have pre-payment penalties?

No, Prosper doesn't have a pre-payment penalty. However, the company charges an origination fee.

What happens if I get approved for a loan but don't use it?

Your credit will go down, and if you took your finance with a co-signer, they would be responsible for paying off the debt.

How long should you wait between loans?

Prosper customers can take two loans at a time. However, you should wait six months to take more.

Calculate loan payments in Prosper

Prosper calculator will allow you to calculate an approximate payment schedule for the loan

Loan amount

Enter the desired loan amount

2000 $
40000 $
Loan term

Specify the loan term for the calculation


What to focus on before applying for a loan with Prosper

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between Prosper and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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All Prosper’s reviews by September 2022
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